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Family Business owners plan their business as a legacy to their family, their employees, and the community. To sustain and grow that legacy, estate planning is critical. Please review the white paper below from BNY Mellon Wealth Management to learn some of those planning tools. BNY Mellon Wealth Management is a critical sponsor of the work done by Family Enterprise USA.
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Strengthen Your Family Business With a Family Governance Plan
It's critical to create a framework for joint decision-making in order to effectively pass control of the family business to future generations of stakeholders.
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Most family businesses take on the characteristics of their founder or founding family, especially in their formative years, operating under a system of consolidated decision-making commonly referred to as a "benevolent dictatorship." As the company grows, the family expands and the founder begins to transition ownership and control to future generations, the need to establish effective models for cooperation and joint decision-making among family members becomes more important.
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According to the PwC Family Business Survey, 71% of family firms do not have procedures for resolving conflicts between family members.1 The more stakeholders who are involved (whether they are family owners, family owner-employees, non-family owners or non-family executive management), the more important a formal set of processes becomes. Furthermore, as the owners become further removed from daily operations of the business, or as the business expands beyond the family's scope of expertise, systems must be put in place to engage professional management teams and a board of advisors to help the company grow and prosper.
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Please stay safe and healthy,
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pmsoldano@family-enterpriseusa.com
712 H Street NE Suite 1330
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About Family Enterprise USA
Family Enterprise USA advocates for American Family business. We help family businesses communicate their challenges and contributions to American economic freedom to Legislators. We represent all American family businesses; not just specific industries and provide research to enhance the opportunity for success. We help family businesses continue to establish their unique business legacy. Family Enterprise USA is a 501(c)(3) non-profit organization.. Family foundations can donate.
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Family Enterprise USA Sponsors
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